BGRIM Invests THB2.8 Billion to Acquire 375MW Solar Power Plant in Malaysia
For renewable energy business expansion in Malaysia, BGRIM invested 2.8 billion baht to acquire 375MW solar power plant from "reNIKOLA Holdings".
B.Grimm Power Public Company Limited (BGRIM) has announced that on 10 November 2021 B.Grimm Power Malaysia Sdn. Bhd. (B.Grimm Malaysia) (a 100% owned subsidiary of BGRIM) has entered into a Subscription Agreement with reNIKOLA Sdn. Bhd. (the existing shareholder), and reNIKOLA Holdings Sdn. Bhd. in order to purchase 285,216,652 newly issued ordinary shares of reNIKOLA Holdings Sdn. Bhd., or equivalent to 45% of total shares, and regarding this, B.Grimm Malaysia is also entitled to directly invest in 3.5% of total shares in RE Gebeng BKH Sdn. Bhd. (a company which has been developing 375 MWdc solar power plant) with a total purchase price of MYR 367 million (approx 2,888 million baht).
Additionally, B.Grimm Malaysia has entered into a Supplemental Agreement to the Share Sale Agreement with reNIKOLA Sdn. Bhd., Boumhidi Abdelali, YAM Tengku Zaiton Ibni Sultan Abu Bakar, and Pimpinan Ehsan Berhad (PEB) which is a listed company under the stock exchange of Malaysia for share swap transaction. After the completion of newly issued share acquisition in reNIKOLA Holdings Sdn. Bhd., and share swap with PEB, B.Grimm Malaysia shall hold 40.6% of total ordinary shares in PEB while PEB shall hold 100% of total ordinary shares in reNIKOLA Holdings Sdn. Bhd.
Furthermore, B.Grimm Malaysia has also entered into Sale and Purchase Agreement with Boumhidi Abdelali and YAM Tengku Zaiton Ibni Sultan Abu Bakar in order to acquire 49% of total ordinary shares and 100% of total preference shares in Tamara East Sdn. Bhd. (which is a company to be invested in developing renewable energy projects in the future) with the total purchase price of USD 6.5 million (approx. 212 million baht).
Nevertheless, BGRIM stated that the completion of the above transactions are subject to fulfillment of all terms and condition precedents under relevant agreements and permission or approval to be granted by relevant regulatory authorities of Malaysia.
reNIKOLA group of companies is a fast-growing renewable energy platform in the past few years. This investment is considered as an important strategic move with the strong business partners for renewable energy business expansion in Malaysia aligning with B.Grimm Power’s target for net-zero carbon emissions by 2050.